GST Council Meeting to Bring Relief for Property Buyers, Cancer Patients, and More
GST rate cuts on cancer drugs, exemptions on electricity meter services, and adjustments for the real estate sector are expected.
Gst CouncilProperty BuyersCancer PatientsReal Estate SectorCancer DrugsReal EstateSep 04, 2024
These include charges paid for preferential location along with construction services cost of a residential complex before the completion certificate is issued, with GST charged as a composite supply. Additionally, GST will be charged only on the construction service value and not on the value of land when buying a residential apartment or commercial property.
The Council is also expected to reduce GST rates on select cancer drugs from 12% to 5% to make cancer treatment more affordable. The rate cut comes on the back of recommendations from the Health Ministry to make cancer treatment affordable in the country.
Furthermore, the Council may consider exempting GST on services related to electricity meters, such as rentals, testing charges, and wire charges, by treating these as composite supplies. This exemption could benefit both Discoms and consumers.
The metal sector may also see some relief, with a potential reduction in GST from 18% on a forward charge basis. A 2% TDS on the supply of metal scrap on trade between registered entities may be proposed, along with a reverse charge mechanism on supply between unregistered persons.
Other expected outcomes from the meeting include regularizing GST on affiliation fees received by CBSE from state and central education boards, and considering a GST exemption for flying training courses provided by DGCA-approved training organizations.
The feature film industry may also see some clarity on GST rates for dues prior to October 2021, with a potential settlement on an
Frequently Asked Questions
What is the expected outcome of the 54th GST Council meeting?
The meeting is expected to bring relief to property buyers, cancer patients, and various sectors, including the real estate sector, metal sector, and feature film industry.
What is the proposed GST rate cut for cancer drugs?
The proposed GST rate cut for cancer drugs is from 12% to 5%.
What is the expected exemption for electricity meter services?
The expected exemption is for services related to electricity meters, such as rentals, testing charges, and wire charges, by treating these as composite supplies.
What is the proposed GST relief for the metal sector?
A reduction in GST from 18% on a forward charge basis is proposed, along with a 2% TDS on the supply of metal scrap on trade between registered entities.
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